The Stockholders' Meeting

By The Courier Staff
August, 1976

Last Friday night, the stockholders of the Tabor Lake Corporation met in Cedar Lodge for the annual Stockholders' Meeting. Last year's Board of Directors (Mssr. Bolsterle, Green, Gallt, Hyer Johnson) were all elected to another term. Among other things discussed at the meeting was the housing development to the south of Tabor Lake, Powdermill Estates.

Mr. Gallt summarized an agreement in writing that we had made with the developer, Mr. Mossberg. Mr. Mossberg agreed that neither he nor his successor would urge for the right of way to put Powdermill Road through to Route 10 or to connect Galloping Hill Road with Manor Lane, a street in Powdermill Estates. We were also granted right of first refusal on five lots adjoining our land. Mr. Mossberg said that he would not build on the grassy area behind Lucille's Bend for three to four years because he could not buy out the owner below Powdermill Road there, Last summer we made a verbal agreement with Mr. Mossberg under which he gave us the land the Anderson's cottage stands on in exchange for an easement for a storm sewer behind that cottage. The deed for that land is now in our name on the Morris County records.

We received a letter from the town stating that Powdermill Road belongs to us from the tracks to Lucille's Bend. The letter also stated that the lake-front cottages were subject to green area zoning under which further building is prohibited.

It was suggested that the price of stock be increased from two hundred fifty dollars a share. The argument was that if we sell the Lake, the stock is going to be worth many times that. Opponents of the idea said that if the price of stock were raised, the corporation would not want to buy back stock when people left the Lake. They said that people would start selling directly to other cottage owners, and speculators would buy and sell cottages just to acquire stock. They advocated keeping the price low to favor permanent cottagers rather than speculators.

Everyone was sorry when Mr. and Mrs. Bolsterle announced their resignation. Nothing could induce them to stay on - they said that they wanted at last just to sit and relax. It will be very difficult for us to find someone to take their place.